Minimum wage increases

(a) In general Section 6(a)(1) of the Fair Labor Standards Act of 1938 (29 U.S.C. 206(a)(1)) is amended to read as follows: (1) except as otherwise provided in this section, not less than— (A) $10.00 an hour, beginning on the effective date under section 7 of the Give America a Raise Act; (B) $13.00 an hour, beginning 1 year after such effective date; (C) $16.50 an hour, beginning 2 years after such effective date; (D) $20.00 an hour, beginning 3 years after such effective date; and (E) beginning on the date that is 4 years after such effective date, and annually thereafter, the amount determined by the Secretary under subsection (h) for the year;. (b) Determination based on increase in inflation and gross domestic product Section 6 of the Fair Labor Standards Act of 1938 (29 U.S.C. 206) is amended by adding at the end the following: (h) (1) Not later than each date that is 90 days before a new minimum wage determined under subsection (a)(1)(E) is to take effect for a year, the Secretary shall determine the amount of the minimum wage under this subsection for the year. The amount of the minimum wage determined under this subsection for a year shall be the amount in effect under subsection (a)(1) on the date of such determination, as increased (subject to paragraph (2)) by the greater of— (A) the annual percentage increase in the Consumer Price Index for all Urban Consumers, as determined by the Bureau of Labor Statistics, for the most recent 12-month period for which data is available; or (B) the annual percentage increase in the Gross Domestic Product, as determined by the Bureau of Economic Analysis, for the most recent 12-month period for which data is available. (2) In the event that, in determining the amount of the minimum wage under this subsection for a year, there is not an annual percentage increase in the Consumer Price Index described in paragraph (1)(A) and there is not an annual percentage increase in the Gross Domestic Product described in paragraph (1)(B), the amount determined under this subsection for such year shall be the amount in effect under subsection (a)(1) on the date of such determination. (3) In the event that the amount of the minimum wage determined under this subsection for a year is not a multiple of $0.05, such amount shall be rounded up to the nearest multiple of $0.05..